Agricultural Income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 January 2011
Interest income from a firm whose principal business is agricultural activity, is it taxable to the assessee
1. if the assessee has received interest on capital
2. if the assessee has received interest on account of loan given to the firm.
in v k singhania its given that interest received from agriccultural firm is exempt????
1. if the assessee has received interest on capital
2. if the assessee has received interest on account of loan given to the firm.
in v k singhania its given that interest received from agriccultural firm is exempt????
Guest
Guest
(Expert)
20 January 2011
Interest will be taxable in your hand
21 January 2011
the agreeculture income which is directly coming from agree products like sale of agree gooods by its producer will be exempt
21 January 2011
Interest will be taxable as other income....in the same return agriculture income will be exempt....
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